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Established immigrant families wealthier than their Canadian counterparts: Study

Saskatchewan

Established Canadian immigrant families were wealthier than their Canada-born counterparts in 2016, observed a new study report released by Statistics Canada. The report says that the longer an immigrant family has been in Canada, the wealthier they are.
The study found that immigrant families who had been in Canada for more than 20 years, with their major earners in the age group of 45 to 64, had a worth $1.06 million on an average in 2016. At the same time, the average worth of their Canadian-born counterparts was almost $980,000.
Compared to this, the immigrant families who had had been in Canada between 10 and 19 years with major earners aged 35 to 54 in 2016, had worth approaching $575,695, compared to $658,607 of the Canadian-born families. But this gap also seems to be closing, as the average wealth of 10-19 years immigrants has increased by 134 per cent since 1999, while that of the Canadian-born has witnessed a rise of only 87 per cent.
At the same time, the average wealth of families who had been in Canada for less than 10 years, with major earners in the age group of 25-44, was $271,935 in 2016. Compared to this, the wealth of their Canadian-born equivalents was $347,577. But in the case of these newly arrived immigrants, average family wealth has grown by 146 per cent since 1999, compared to the 70 per cent growth rate of Canadian-born families.
The study, titled ‘The Wealth of Immigrant Families in Canada’, was released by Statistics Canada in April 16, 2019. It based its findings on the data collected in Surveys of Financial Security conducted in 1999, 2005, 2012 and 2016. “While many studies have documented the financial characteristics of immigrants in Canada in terms of low income and labour market outcomes, the wealth of immigrant families has received relatively little attention. The study finds that the wealth of both immigrant families and Canadian-born families grew substantially from 1999 to 2016,” the report read.
Another interesting observation of the study is that the average family wealth of new immigrants is growing faster compared to established immigrants. While the average wealth for families in Canada who had been in Canada for less than 10 years, with the major earners aged 25 to 44, increased by 146 per cent between 1999 and 2016, the wealth of those families who had been in Canada for more than 20 years increased only by 70 per cent. While earning was significantly more in the case of established immigrant families, the growth rate of their wealth was less than half of the percentage for new immigrants.
A significant contributor to the growth of wealth in immigrant families between 1999 and 2016 was housing equity. In the case of established immigrant families, this factor accounted for 69 per cent of the wealth increase during the said period. Another significant contributing factor was the pension value, with registered pension plan assets accounting for 17 per cent of wealth increases.
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